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A common theme of FY18 was Australian retailers complaining about how tough the year has been.
But Noni B (ASX: NBL) has proved the industry wrong, issuing a bumper trading update for the 2018 financial year.
Over FY18, Noni B saw like-for-like sales grow by 4.5 per cent and total sales grow to approximately $365 million.
Instead of downsizing, like many of its competitors have done, Noni B in fact grew its bricks & mortar presence, seeing the group store network grow from 614 stores at the start of the financial year to 641 stores by 1 July 2018.
The company managed to succeed online too, with its e-retail play representing 5.8 per cent of total sales.
The company, which operates iconic Australian brands like Millers, Rockmans, Noni B, Rivers, Katies, and Autograph, expects earnings for FY18 to be approximately $37 million.
This level of earnings represents an increase of more than 70 per cent over the FY17 earnings of $21.7 million.
The company is set to grow even more in FY19, with the acquisitions of Millers, Katies, Crossroads, Autograph, and Rivers brands completing on July 2, 2018.
Noni B is set to release its final FY18 financial results in late August.
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Business News Australia
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